{"id":136735,"date":"2020-06-17T23:00:49","date_gmt":"2020-06-17T22:00:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=136735"},"modified":"2020-06-18T10:50:59","modified_gmt":"2020-06-18T09:50:59","slug":"ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher\/","title":{"rendered":"Ex-Goldman Sachs VP explains why Bitcoin price may soon see a &#8220;significant move higher&#8221;"},"content":{"rendered":"<p>The past few weeks have seen <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> consolidate in a tight range between $8,000 and $10,000. Every attempt at breaking the range, in both directions, has been squarely rejected.<\/p>\n<p>Yet analysts are starting to see an impending breakout in the upward direction, citing fundamental trends instead of the <a href=\"https:\/\/cryptoslate.com\/fund-manager-if-bitcoin-passes-10500-price-could-surge-as-btc-enters-thin-air\/\">precarious technical situation<\/a>.<\/p>\n<h2>Bitcoin could soon see a &#8220;significant move higher&#8221; due to this factor<\/h2>\n<p>With Bitcoin performing rather well as a global pandemic ravages the world and one of the worst economic recessions in modern history is expected, more and more eyes have landed on the cryptocurrency as a viable investment. Thus, many more have begun to postulate how it fits into macroeconomic trends.<\/p>\n<p>Rob Koyfman, CEO and founder of markets data firm Koyfin and a former <a href=\"https:\/\/cryptoslate.com\/companies\/goldman-sachs\/\">Goldman Sachs<\/a> vice president, <a href=\"https:\/\/www.koyfin.com\/research\/2020\/06\/15\/usd-to-weaken-as-fed-commits-to-qe-infinity-and-beyond\/?utm_source=twitter&utm_medium=social&utm_campaign=usd-qe-infinity\">released an article<\/a> on Jun. 15 outlining his thoughts on markets.<\/p>\n<p>The core of the article is that the U.S. dollar is weakening \u2014 and may continue to weaken \u2014 as the Federal Reserve <a href=\"https:\/\/cryptoslate.com\/crazy-bullish-for-bitcoin-federal-reserve-still-intends-to-spend-trillions-on-the-economy\/\">commits<\/a> to unlimited quantitative easing to rectify the poor economic conditions:<\/p>\n<blockquote><p>&#8220;The Fed\u2019s commitment to prolonged use of QE may represent a major turning point for the US Dollar. A break below [a close-by level] would confirm a major decline for the USD with implications across asset classes.&#8221;<\/p><\/blockquote>\n<p>Koyfman explained that the leading cryptocurrency could benefit from this potential scenario, writing that: &#8220;USD weakness may be a catalyst for Bitcoin breaking out to new highs.&#8221;<\/p>\n<p>The expectations of a falling U.S. dollar come after <a href=\"https:\/\/cryptoslate.com\/people\/raoul-pal\/\">Raoul Pal<\/a> \u2014 the former head of hedge fund sales at Goldman Sachs and the CEO of Real Vision \u2014 argued that <a href=\"https:\/\/cryptoslate.com\/ex-goldman-sachs-exec-whether-the-us-dollar-falls-or-rallies-bitcoin-will-explode-higher\/\">the U.S. dollar is primed to erupt higher.<\/a><\/p>\n<p>Pal sees that as bullish for Bitcoin, as it would result in the fiat system &#8220;breaking&#8221; and the implementation of a \u201cNon-US Dollar dominated currency system.\u201d<\/p>\n<h2>Slow on-chain trends could combat bull case<\/h2>\n<p>There are on-chain trends that could temporarily combat the Bitcoin bull case.<\/p>\n<p>Below is an image of the blockchain analytics firm <a href=\"https:\/\/cryptoslate.com\/companies\/intotheblock\/\">IntoTheBlock<\/a>&#8216;s Bitcoin signal dashboard. Three out of the company's seven core signals are currently printing &#8220;bearish&#8221; signs: net network growth, which tracks the momentum of the underlying Bitcoin blockchain; in the money, which tracks the profitability of BTC holders; and large transactions, which tracks the number of transactions above $100,000.<\/p>\n<figure id=\"attachment_136826\" aria-describedby=\"caption-attachment-136826\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-136826 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ITBBTC-1024x224.jpg\" alt=\"Bitcoin\" width=\"1024\" height=\"224\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ITBBTC-1024x224.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ITBBTC-300x66.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ITBBTC-768x168.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ITBBTC.jpg 1327w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-136826\" class=\"wp-caption-text\">Bitcoin signals from IntoTheBlock<\/figcaption><\/figure>\n<p>Adding to this, founder of blockchain data firm ByteTree Charlie Morris observed that Bitcoin is primed to move lower due to a &#8220;dire&#8221; on-chain situation:<\/p>\n<blockquote><p>\u201c1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can\u2019t see price holding up. Fair value &lt;$7k,\u201d Morris\u00a0<a href=\"https:\/\/twitter.com\/AtlasPulse\/status\/1272195856196919296\" target=\"_blank\" rel=\"noopener follow noreferrer\" data-wpel-link=\"exclude\">wrote<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The past few weeks have seen Bitcoin consolidate in a tight range between $8,000 and $10,000. Every attempt at breaking the range, in both directions, has been squarely rejected. Yet analysts are starting to see an impending breakout in the upward direction, citing fundamental trends instead of the precarious technical situation. Bitcoin could soon see [&hellip;]<\/p>\n","protected":false},"author":170,"featured_media":136865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ex-Goldman Sachs VP explains why Bitcoin price may soon see a &quot;significant move higher&quot;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ex-Goldman Sachs VP explains why Bitcoin price may soon see a &quot;significant move higher&quot;\" \/>\n<meta property=\"og:description\" content=\"The past few weeks have seen Bitcoin consolidate in a tight range between $8,000 and $10,000. Every attempt at breaking the range, in both directions, has been squarely rejected. Yet analysts are starting to see an impending breakout in the upward direction, citing fundamental trends instead of the precarious technical situation. Bitcoin could soon see [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-17T22:00:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-18T09:50:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/bitcoin-business.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ex-goldman-sachs-vp-explains-why-bitcoin-price-may-soon-see-a-significant-move-higher\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#person\",\"name\":\"Nick Chong\",\"url\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"caption\":\"Nick Chong\"},\"jobTitle\":\"Analyst\",\"description\":\"A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. 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He has since joined this industry as a full-time content creator, focusing on written content and visuals. Aside from working with other leading trade publications, Nick is a part-time creative at HTC's Bitcoin division, EXODUS. He is based in Canada. He owns a small amount of Bitcoin.","url":"https:\/\/cryptoslate.com\/author\/nick-chong\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/136735"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/170"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=136735"}],"version-history":[{"count":9,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/136735\/revisions"}],"predecessor-version":[{"id":136952,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/136735\/revisions\/136952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/136865"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=136735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=136735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=136735"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=136735"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=136735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}